Document and Entity Information
Document and Entity Information | 3 Months Ended |
May 31, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | STRONGBOW RESOURCES INC. |
Document Type | 10-Q |
Document Period End Date | May 31, 2016 |
Trading Symbol | stbr |
Amendment Flag | false |
Entity Central Index Key | 1,382,231 |
Current Fiscal Year End Date | --02-29 |
Entity Common Stock, Shares Outstanding | 31,082,567 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
STRONGBOW RESOURCES INC - Balan
STRONGBOW RESOURCES INC - Balance Sheets - USD ($) | May 31, 2016 | Feb. 29, 2016 | |
Current Assets: | |||
Cash | $ 2,410 | $ 22,426 | |
Receivable | 4,198 | 3,279 | |
Prepaid expense and other | 13,256 | 7,809 | |
Due from related party | 87,319 | ||
Total Current Assets | 107,183 | 33,514 | |
Non-current Assets: | |||
Deposit | 33,324 | 32,224 | |
Equipment | 58,228 | 57,236 | |
Oil and gas properties, full cost method | 586,449 | 568,151 | |
Total Assets | 785,184 | 691,125 | |
Current liabilities: | |||
Accounts payable | 491,647 | 632,983 | |
Accrued liabilities | 118,234 | 99,765 | |
Due to related parties | 337,497 | 334,869 | |
Notes payable | 19,070 | 18,475 | |
Convertible debenture | 4 | ||
Derivative financial liabilities - warrants | 293,955 | 150,136 | |
Derivative financial liabilities - conversion feature | 195,691 | ||
Subscriptions received | 50,000 | ||
Total Current Liabilities | 1,456,098 | 1,286,228 | |
Asset retirement obligation | 23,170 | 21,900 | |
Total Liabilities | 1,479,268 | 1,308,128 | |
Stockholders' Deficit: | |||
Capital stock | [1] | 22,973 | 21,919 |
Additional paid-in capital | 3,190,876 | 3,115,078 | |
Accumulated other comprehensive loss | 153,170 | (133,280) | |
Accumulated deficit | (3,754,763) | (3,620,720) | |
Total Stockholders' Deficit | (694,084) | (617,003) | |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 785,184 | $ 691,125 | |
[1] | 750,000,000 common shares, par value $0.001 per share; 31,082,567 shares issued and outstanding as of May 31, 2016 and 30,029,046 as of February 29, 2016. |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | May 31, 2016 | Feb. 29, 2016 |
Statement of Financial Position | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 |
Common Stock, Shares Issued | 31,082,567 | 30,029,046 |
Common Stock, Shares Outstanding | 31,082,567 | 30,029,046 |
STRONGBOW RESOURCES INC. - Stat
STRONGBOW RESOURCES INC. - Statements of Operations - USD ($) | 3 Months Ended | |
May 31, 2016 | May 31, 2015 | |
General and administrative expenses | ||
Accretion | $ 570 | $ 543 |
Consulting | 25,481 | 14,414 |
Depreciation | 859 | 902 |
Management fees | 23,079 | 24,225 |
Office, travel and general | (4,832) | 10,092 |
Professional fees | 16,024 | 21,960 |
Salaries and benefits | 37,211 | |
Loss from operations | (61,181) | (109,347) |
Gain on settlement of debt | 60,232 | |
Interest expense | (73,831) | |
Interest income | 62 | 49 |
Gain (loss) on fair value adjustment of derivative financial liabilities | (59,325) | 122,236 |
Net income (loss) | (134,043) | 12,938 |
Foreign currency translation | (19,890) | (2,714) |
Comprehensive income (loss) | $ (153,933) | $ 10,224 |
Basic and diluted income (loss) per share | $ 0 | $ 0 |
Weighted average number of basic and diluted common shares outstanding | 30,621,927 | 29,881,824 |
STRONGBOW RESOURCES INC. - Sta5
STRONGBOW RESOURCES INC. - Statements of Cash Flows - USD ($) | 3 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Cash flows used in operating activities: | ||
Net income (loss) | $ (134,043) | $ 12,938 |
Non-cash items: | ||
Accretion | 570 | 543 |
Gain on settlement of debt | (60,232) | |
Gain on fair value adjustment of derivative financial liabilities | 59,325 | (122,236) |
Depreciation | 859 | 902 |
Interest income | (62) | |
Interest expense | 73,831 | |
Foreign exchange | (120) | |
Changes in non-cash working capital items: | ||
Receivable | (820) | 2,634 |
Prepaid expenses and other | (5,240) | (11,636) |
Accounts payable and accrued liabilities | (25,151) | 71,410 |
Cash used in operating activities | (91,083) | (45,445) |
Cash flows used in investing activities: | ||
Expenditures on oil and gas properties | (3,323) | |
Cash used in investing activities | (3,323) | |
Cash flows from financing activities: | ||
Subscriptions received | 8,041 | |
Issuance of convertible debenture | 200,000 | |
Net proceeds from (repaid to) related parties | (96,288) | 22,108 |
Cash provided by financing activities | 103,712 | 30,149 |
Effect of foreign exchange | (32,645) | (2,316) |
Change in cash | (20,016) | (20,935) |
Cash, beginning of period | 22,426 | 26,858 |
Cash, end of period | $ 2,410 | $ 5,923 |
1. Nature and Continuance of Op
1. Nature and Continuance of Operations | 3 Months Ended |
May 31, 2016 | |
Notes | |
1. Nature and Continuance of Operations | 1. NATURE AND CONTINUANCE OF OPERATIONS Strongbow Resources Inc. (the Company) was incorporated in the State of Nevada on July 9, 2004. The Company focuses its business efforts on the acquisition, exploration, and development of oil and gas properties. The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of May 31, 2016, the Company has not achieved profitable operations, has incurred losses in developing its business, and further losses are anticipated. The Company has an accumulated deficit of $3,754,763. As at May 31, 2016, two Statements of Claim totaling $214,936 (CAD$281,781) are outstanding against the Company and is recorded in accounts payable. The Companys ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and pay its liabilities when they come due. To date, the Company has funded operations through the issuance of capital stock and debt. Management plans to continue raising additional funds through equity or debt financings and loans from directors. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The ability of the Company to continue its operations as a going concern is dependent upon its ability to raise sufficient new capital to fund its operating commitments and ongoing losses and ultimately on generating profitable operations. The financial statements do not include any adjustments to be recorded to assets or liabilities that might be necessary should the Company be unable to continue as a going concern. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 3 Months Ended |
May 31, 2016 | |
Notes | |
2. Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended February 28, 2016 included in the Companys Annual Report on Form 10-K filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending February 28, 2017. Recent Accounting Pronouncements Recent pronouncements with future effect dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
3. Oil and Gas Properties
3. Oil and Gas Properties | 3 Months Ended |
May 31, 2016 | |
Notes | |
3. Oil and Gas Properties | 3. OIL AND GAS PROPERTIES Effective February 21, 2012, the Company entered into a Farmout Agreement (the Agreement) with Harvest Operations Corp. (Farmor). The Agreement provided for the Companys acquisition of an undivided 100% working interest (Working Interest) in a petroleum and natural gas license covering land located in the Compeer Area in the Province of Alberta, Canada (the Farmout Lands). To earn the Working Interest the Company was required to drill, complete, equip or abandon a test well on the Farmout Lands (Test Well). On March 14, 2012, the Company obtained operator status and was transferred the well license relating to the Test Well. The Companys Working Interest in the Farmout Lands will be held subject to a non-convertible overriding royalty payable to the Farmor (Farmors Royalty). The Farmors Royalty on net crude oil revenues will be measured on a sliding scale from 5% to 15% over a range of production volumes from 1 to 150 barrels per day. The Farmors Royalty on net gas and other petroleum product revenues is 15%. The Test Well was spudded on May 27, 2012, and on September 5, 2012, the Company received an earning notice granting the Company a 100% working interest in the Farmout Lands. During the three months ended May 31, 2016, net proceeds of $nil (May 31, 2015 - $nil) were received from the sales of oil less direct costs of $nil (May 31, 2015 - $6,102) were added to the carrying value of the oil and gas properties. As of May 31, 2016, the Company has incurred $586,449 (February 29, 2016 - $568,151) in exploration costs to drill, complete and equip the Test Well, net of impairment charges in prior periods. As at May 31, 2016, the Company has $33,324 (February 29, 2016 - $32,224) in bonds held with the Alberta Energy Regulator for its oil and gas properties. |
4. Equipment
4. Equipment | 3 Months Ended |
May 31, 2016 | |
Notes | |
4. Equipment | 4. EQUIPMENT May 31, 2016 Cost Accumulated Depreciation $ $ $ Oil and gas equipment 68,165 9,937 58,228 February 29. 2016 Cost Accumulated Depreciation $ $ $ Oil and gas equipment 66,038 8,802 57,236 |
5. Accounts Payable
5. Accounts Payable | 3 Months Ended |
May 31, 2016 | |
Notes | |
5. Accounts Payable | 5. ACCOUNTS PAYABLE During the three months ended May 31, 2016, the Company issued 353,521 common shares with a fair value of $35,352 to settle accounts payable of $95,584 (CAD$123,733). As a result, the Company recorded a gain on settlement of debt of $60,232. |
6. Notes Payable
6. Notes Payable | 3 Months Ended |
May 31, 2016 | |
Notes | |
6. Notes Payable | 6. NOTES PAYABLE As at May 31, 2016, the Company had $19,070 (CAD$25,000) (February 29, 2016 - $18,475 (CAD$25,000)) in short term note obligations to an unrelated party. The note payable is unsecured, non-interest bearing and payable upon demand. |
7. Asset Retirement Obligation
7. Asset Retirement Obligation | 3 Months Ended |
May 31, 2016 | |
Notes | |
7. Asset Retirement Obligation | 7. ASSET RETIREMENT OBLIGATION The Companys asset retirement obligation consists of reclamation and closure costs associated with the Test Well in the Farmout Lands. The asset retirement obligation was estimated based on the Companys understanding of its requirements to reclaim currently disturbed areas. Significant reclamation and closure activities include land rehabilitation, water, removal of building and well facilities and tailings reclamation. The undiscounted estimate of this liability was $38,464 (CAD$50,000) (February 29, 2016 - $36,950 (CAD$50,000)) reflecting payments commencing in 2024. This estimate was adjusted for an inflation rate of 2.00% and then discounted at a rate of 10.00% for a net present value of $23,170 (CAD$30,375) (February 29, 2016 - $21,900 (CAD$29,660)) as at May 31, 2016. |
8. Convertible Debenture and De
8. Convertible Debenture and Derivative Financial Liabilities | 3 Months Ended |
May 31, 2016 | |
Notes | |
8. Convertible Debenture and Derivative Financial Liabilities | 8. CONVERTIBLE DEBENTURE AND DERIVATIVE FINANCIAL LIABILITIES On May 17, 2016, the Company entered into a secured convertible debenture (the Debenture) with the Lender. Under the Debenture, the Lender agreed to lend to the Company $200,000. The maturity date under the Debenture is November 17, 2016 (the Maturity Date). The Debenture has an effective interest rate of 6,811%, which was due primarily to the recording of non-cash accretion interest. At the discretion of the Lender, the principal and accrued but unpaid interest under the Debenture may be converted into units of the Company at $0.20 per unit at any time until the Maturity Date. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant is exercisable to purchase one common share at a price of $0.40 per share for a period of two years. The conversion feature was determined to be derivative; therefore, at initial measurement, the proceeds were allocated to the conversion feature and any residual proceeds to the principal. At issuance date, the fair value of the conversion feature was $199,999 and a value of $1 was allocated to the principal. During the three months ended May 31, 2016, the Company recognized accretion expense of $4 (May 31, 2015 - $Nil). At May 31, 2016, the fair value of the derivative liability associated with the conversion feature was $195,691 (February 29, 2016 - $nil). During the three month period ended May 31, 2016, a gain on fair value adjustment of $4,309 (2015 - $nil) was recognized. In consideration for the Debenture, the Company issued to the Lender 200,000 units. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant is exercisable to purchase one common share at a price of $0.40 per share for a period of two years. The warrants were determined to be derivatives. At issuance date, the fair value of the common shares and warrants was $73,831. Refer to Note 9 for the assessment on warrants. The fair value of the conversion feature was calculated using the Black-Scholes Option Pricing Model at the issuance date, and was revalued at the reporting dates using the following assumptions: May 31, 2016 May 17, 2016 Volatility 129 % - 150 % 129 % - 150 % Risk-free interest rate 0.40 % - 0.82 % 0.49 % - 0.87 % Expected life 0.5 year - 2 years 0.47 year 1.96 years Dividend yield nil nil |
9. Derivative Financial Liabili
9. Derivative Financial Liabilities - Warrants | 3 Months Ended |
May 31, 2016 | |
Notes | |
9. Derivative Financial Liabilities - Warrants | 9. DERIVATIVE FINANCIAL LIABILITIES - WARRANTS $ Balance, February 28, 2015 379,463 Fair value adjustment (229,327) Balance, February 29, 2016 150,136 Warrants issued 82,321 Warrants amendment (Note 10) 84,099 Fair value adjustment (22,601) Balance, May 31, 2016 293,955 The derivative liability consists of the fair value of share purchase warrants that were issued in unit private placements that have an exercise price in a currency other than the functional currency of the Company. The derivative liability is a non-cash liability as the Company will not be required to expend any cash. The fair value of the warrants issued and amended during the three months ended May 31, 2016 was determined using the Black-Scholes Option Pricing Model using the following weighted average market assumptions: May 31, 2016 Volatility 192 % Risk-free interest rate 0.01 % Expected life 2.64 years Dividend yield nil At May 31, 2016, the fair value of the warrants was determined using the Black-Scholes Option Pricing Model using the following weighted average market assumptions: May 31, 2016 February 29, 2016 Volatility 162 % 235 % Risk-free interest rate 1.10 % 0.68 % Expected life 2.83 years 1.43 years Dividend yield nil nil |
10. Share Capital
10. Share Capital | 3 Months Ended |
May 31, 2016 | |
Notes | |
10. Share Capital | 10. SHARE CAPITAL During the three months ended May 31, 2016: In March 2016, the Company issued 500,000 units at a price of $0.10 per unit for gross proceeds of $50,000. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant being exercisable into one additional share at an exercise price of $0.40 for a period of three years. In May 2016, the Company issued 353,521 common shares with a fair price of $0.10 per share to settle accounts payable of $95,584 (Note 5). In May 2016, the Company issued 200,000 units with a fair price of $0.21 per share in regards to the secured convertible debenture (Note 8). During the year ended February 29, 2016: In August 2015, the Company issued 22,222 common shares at CAD $0.45 for gross proceeds of $7,606 (CAD$10,000) in subscriptions for a private placement. In January 2016, the Company issued 125,000 common shares to a former officer for an employment contract entered in April 2015. The fair value of the shares issued was $37,500, and is included in salaries and benefits. Warrants Below is a summary of the common share purchase warrant transactions: Number of Warrants Weighted Average Exercise Price per Warrant Outstanding at February 29, 2016 1,080,000 $ 0.48 Issued 700,000 0.40 Number of warrants at May 31, 2016 1,780,000 0.45 A summary of the common share purchase warrants outstanding and exercisable at May 31, 2016 is as follows: Exercise Price Number Outstanding Expiry Date $ 1.50 80,000 August 26, 2016 0.40 200,000 May 17, 2018 0.40 1,000,000 March 8, 2019 0.40 500,000 March 9, 2019 1,780,000 The weighted average exercise price is $0.45 and weighted average life of the warrants is 2.57 years. Stock Options The Companys Stock Option Plan allows a maximum 5,579,335 shares to be reserved for issuance under the plan. Options granted under the plan may not have a term exceeding 10 years and vesting provisions are at the discretion of the Board of Directors. In November 2015, the Company granted 2,600,000 stock options for a period of five years, valued at $0.04 per option for a total value of $107,172 calculated using the Black-Scholes Option Pricing Model assuming a life expectancy of five years, a risk free rate of 1.59%, a forfeiture rate of 0%, and volatility of 168%. During the three months ended May 31, 2016, 300,000 stock options expired unexercised. A summary of the stock options outstanding and exercisable at May 31, 2016 is as follows: Exercise Price Number Outstanding and Exercisable Expiry Date Aggregate Intrinsic Value $ $ 0.10 2,300,000 November 3, 2020 241,500 As at May 31, 2016, the remaining contractual life of the stock options outstanding was 4.43 years. The aggregate intrinsic value in the proceeding table represents the total intrinsic value, based on the Companys closing stock price of $0.21 per share as of May 31, 2016. |
11. Related Party Transactions
11. Related Party Transactions | 3 Months Ended |
May 31, 2016 | |
Notes | |
11. Related Party Transactions | 11. RELATED PARTY TRANSACTIONS During the three months ended May 31, 2016, the Company · · As at May 31, 2016, $23,079 (CAD$30,000) (February 29, 2016 - $22,170 (CAD$30,000)) was owing to the former chief operating officer of the Company and has been included in accrued liabilities. This amount is non-interest bearing and unsecured. As at May 31, 2016, $87,319 (February 29, 2016 - $nil) was owing from a director of the Company and a company with a common director. This amount is non-interest bearing, unsecured and payable upon demand. Due to related parties consist of the following: May 31, 2016 February 29, 2016 $ $ Due to directors and officers of the Company 337,497 334,869 |
2. Summary of Significant Acc17
2. Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
May 31, 2016 | |
Policies | |
Basis of Presentation | Basis of Presentation The unaudited interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended February 28, 2016 included in the Companys Annual Report on Form 10-K filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending February 28, 2017. |
2. Summary of Significant Acc18
2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
May 31, 2016 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent pronouncements with future effect dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
4. Equipment_ Property, Plant a
4. Equipment: Property, Plant and Equipment (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Property, Plant and Equipment | May 31, 2016 Cost Accumulated Depreciation $ $ $ Oil and gas equipment 68,165 9,937 58,228 February 29. 2016 Cost Accumulated Depreciation $ $ $ Oil and gas equipment 66,038 8,802 57,236 |
8. Convertible Debenture and 20
8. Convertible Debenture and Derivative Financial Liabilities: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | May 31, 2016 May 17, 2016 Volatility 129 % - 150 % 129 % - 150 % Risk-free interest rate 0.40 % - 0.82 % 0.49 % - 0.87 % Expected life 0.5 year - 2 years 0.47 year 1.96 years Dividend yield nil nil |
9. Derivative Financial Liabi21
9. Derivative Financial Liabilities - Warrants: Schedule of Derivative Liabilities at Fair Value (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Schedule of Derivative Liabilities at Fair Value | $ Balance, February 28, 2015 379,463 Fair value adjustment (229,327) Balance, February 29, 2016 150,136 Warrants issued 82,321 Warrants amendment (Note 10) 84,099 Fair value adjustment (22,601) Balance, May 31, 2016 293,955 |
9. Derivative Financial Liabi22
9. Derivative Financial Liabilities - Warrants: Fair Value of Warrants Issued Table Text Block (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Fair Value of Warrants Issued Table Text Block | May 31, 2016 Volatility 192 % Risk-free interest rate 0.01 % Expected life 2.64 years Dividend yield nil |
9. Derivative Financial Liabi23
9. Derivative Financial Liabilities - Warrants: Fair Value of Warrants Issued Weighted Average Market Assumptions Table Text Block (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Fair Value of Warrants Issued Weighted Average Market Assumptions Table Text Block | May 31, 2016 February 29, 2016 Volatility 162 % 235 % Risk-free interest rate 1.10 % 0.68 % Expected life 2.83 years 1.43 years Dividend yield nil nil |
10. Share Capital_ Warrants Out
10. Share Capital: Warrants Outstanding Table Text Block (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Warrants Outstanding Table Text Block | Number of Warrants Weighted Average Exercise Price per Warrant Outstanding at February 29, 2016 1,080,000 $ 0.48 Issued 700,000 0.40 Number of warrants at May 31, 2016 1,780,000 0.45 |
10. Share Capital_ Schedule of
10. Share Capital: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Exercise Price Number Outstanding Expiry Date $ 1.50 80,000 August 26, 2016 0.40 200,000 May 17, 2018 0.40 1,000,000 March 8, 2019 0.40 500,000 March 9, 2019 1,780,000 |
10. Share Capital_ Schedule o26
10. Share Capital: Schedule of Stockholders Equity (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Schedule of Stockholders Equity | Exercise Price Number Outstanding and Exercisable Expiry Date Aggregate Intrinsic Value $ $ 0.10 2,300,000 November 3, 2020 241,500 |
11. Related Party Transactions_
11. Related Party Transactions: Schedule of Related Party Transactions (Tables) | 3 Months Ended |
May 31, 2016 | |
Tables/Schedules | |
Schedule of Related Party Transactions | May 31, 2016 February 29, 2016 $ $ Due to directors and officers of the Company 337,497 334,869 |
3. Oil and Gas Properties (Deta
3. Oil and Gas Properties (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
May 31, 2016 | Feb. 29, 2016 | |
Details | ||
Exploration and Production Costs | $ 586,449 | $ 568,151 |
4. Equipment_ Property, Plant29
4. Equipment: Property, Plant and Equipment (Details) - USD ($) | May 31, 2016 | Feb. 29, 2016 |
Cost | ||
Property, Plant and Equipment, Net | $ 68,165 | $ 66,038 |
Accumulated Depreciation | ||
Property, Plant and Equipment, Net | 9,937 | 8,802 |
Net Book Value | ||
Property, Plant and Equipment, Net | $ 58,228 | $ 57,236 |
5. Accounts Payable (Details)
5. Accounts Payable (Details) | 3 Months Ended |
May 31, 2016USD ($)shares | |
Details | |
Common Shares Issued | shares | 353,521 |
Accounts Payable, Other, Current | $ 95,584 |
Gain on settlement of debt | $ 60,232 |
6. Notes Payable (Details)
6. Notes Payable (Details) | May 31, 2016USD ($) |
Details | |
Notes and Loans Payable | $ 19,070 |
7. Asset Retirement Obligation
7. Asset Retirement Obligation (Details) - USD ($) | May 31, 2016 | Feb. 29, 2016 |
Details | ||
Asset Retirement Obligations, Noncurrent | $ 23,170 | $ 21,900 |
8. Convertible Debenture and 33
8. Convertible Debenture and Derivative Financial Liabilities (Details) | 3 Months Ended |
May 31, 2016USD ($) | |
Details | |
Convertible Debt | $ 4 |
Derivative financial liabilities - conversion feature | 195,691 |
Gain on Fair Value Adjustment | $ 4,309 |
8. Convertible Debenture and 34
8. Convertible Debenture and Derivative Financial Liabilities: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - At issuance date | 3 Months Ended | |
May 31, 2016 | May 17, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 129.00% | 129.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 150.00% | 150.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.40% | 0.49% |
Fair Value Assumptions, Risk Free Interest Rate | 0.82% | 0.87% |
Expected Life | 2 years | 1 year 11 months 16 days |
9. Derivative Financial Liabi35
9. Derivative Financial Liabilities - Warrants: Fair Value of Warrants Issued Table Text Block (Details) - Warrants issued and amended | 3 Months Ended |
May 31, 2016 | |
Fair Value Assumptions, Expected Volatility Rate | 192.00% |
Fair Value Assumptions, Risk Free Interest Rate | 0.01% |
Expected Life | 2 years 7 months 20 days |
9. Derivative Financial Liabi36
9. Derivative Financial Liabilities - Warrants: Fair Value of Warrants Issued Weighted Average Market Assumptions Table Text Block (Details) - Fair value of warrants | 3 Months Ended | 12 Months Ended |
May 31, 2016 | Feb. 29, 2016 | |
Fair Value Assumptions, Expected Volatility Rate | 162.00% | 235.00% |
Fair Value Assumptions, Risk Free Interest Rate | 1.10% | 0.68% |
Expected Life | 2 years 9 months 29 days | 1 year 5 months 5 days |
10. Share Capital (Details)
10. Share Capital (Details) - USD ($) | May 31, 2016 | May 30, 2016 | Mar. 30, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Aug. 31, 2015 |
Common Stock, Shares Issued | 31,082,567 | 30,029,046 | ||||
During the Three Months Ended May 31, 2016 | ||||||
Common Stock, Shares Issued | 353,521 | 200,000 | 500,000 | |||
Gross Proceeds for Subscriptions | $ 50,000 | |||||
Shares Issued, Price Per Share | $ 0.10 | $ 0.21 | ||||
During the Year Ended February 29, 2016 | ||||||
Common Stock, Shares Issued | 125,000 | 22,222 | ||||
Gross Proceeds for Subscriptions | $ 7,606 | |||||
Fair Value of Common Stock Shares Issued | $ 37,500 |
10. Share Capital_ Warrants O38
10. Share Capital: Warrants Outstanding Table Text Block (Details) - $ / shares | 2 Months Ended | 3 Months Ended | |
May 31, 2016 | May 31, 2016 | Feb. 29, 2016 | |
Details | |||
Class of Warrant or Right, Outstanding | 1,780,000 | 1,780,000 | 1,080,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.45 | $ 0.45 | $ 0.48 |
Debt Conversion, Converted Instrument, Warrants or Options Issued | 700,000 | ||
Warrants per share issued | $ 0.40 |
10. Share Capital_ Schedule o39
10. Share Capital: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) | 3 Months Ended |
May 31, 2016$ / sharesshares | |
Warrant 1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 1.50 |
Temporary Equity, Shares Outstanding | shares | 80,000 |
Expiry Date | Aug. 26, 2016 |
Warrant 2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 0.40 |
Temporary Equity, Shares Outstanding | shares | 200,000 |
Expiry Date | May 17, 2018 |
Warrant 3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 0.40 |
Temporary Equity, Shares Outstanding | shares | 1,000,000 |
Expiry Date | Mar. 8, 2019 |
Warrant 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 0.40 |
Temporary Equity, Shares Outstanding | shares | 500,000 |
Expiry Date | Mar. 9, 2019 |
10. Share Capital_ Schedule o40
10. Share Capital: Schedule of Stockholders Equity (Details) | 3 Months Ended |
May 31, 2016USD ($)$ / sharesshares | |
Details | |
Exercise Price | $ / shares | $ 0.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 2,300,000 |
Expiration Date | Nov. 3, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 241,500 |
11. Related Party Transactions
11. Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
May 30, 2016 | May 30, 2015 | |
Details | ||
Management Fees | $ 23,079 | $ 24,225 |
Consulting Fees | $ 2,301 |
11. Related Party Transaction42
11. Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($) | May 31, 2016 | Feb. 29, 2016 |
Details | ||
Due to related parties | $ 337,497 | $ 334,869 |